If this mine gets developed and all the gold resource is extracted, ERM can look forward to getting $28m cash at current gold price.(6% royalty)
That doesn't look too bad against current market cap of $25m or EV $21m.
Of course chances are that maybe 60-80% of the gold can be extracted, IMO, so that becomes $17-22m.
And this will take a few years, so NAV is less than this.
Í'd like to abit more action at the 100% owned projects that may be the real bonanzas.
Ann: Maiden High-Grade Golden Forty Mineral Resource Estimate, page-2
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